no taxable income
October 17th, 2012 by Questions
i received EI benefits , group pension non taxable LTD GROUP PENSION
I DID NOT HAVE TO PAY EI BACK.
WHY THEN IS THE BANKRUPTCY INCLUDING THIS AS INCOME
IN SECTION 68 A OF BANKRUPTCTY INSOLVENCY ACT INCLUDES THINGS LIKE WORKERS COMP, DAMAGES,PAY EQUITY,AN ACT OF LEGISLATION OR PARLIAMENT-ALLOF WHICH ARE TAXABLE
I WAS TOLD BY A PROFESSIONAL TAX CENTRE THAT MY GROUP NON TAXABLE PENSION IS MY BUSINESS ALONE AND SHOULD NOT BE INCLUDED IN BANRUPTCY
Posted from: Newfoundland and Labrador
One Response to “no taxable income”
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October 17, 2012 at 12:25 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Whether or not these benefits are taxable has nothing to do with how a bankruptcy defines total income. As the legislation DOES NOT stipulate only “taxable income” is to be considered, or have any other such of a caveat, the result is you legally must disclose all sources of your income whether taxable or not and the case law has upheld this position.
As for the opinion of the professional tax centre, they clearly haven’t been trained in the specifics of insolvency law, so I would recommend if you have questions about this or want to challenge the position your trustee has taken (which in my opinion is the correct position), then you may want to consider hiring an insolvency lawyer.